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Severance Pay Calculator

Calculate severance pay based on employment period and average wage.

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How to Calculate

Severance Pay Formula: Severance Pay = Average Daily Wage × 30 × (Total Days Employed / 365) Average Daily Wage = Total salary for last 3 months / 91 days Total salary includes base pay, bonus (monthly average), and annual leave allowance. Severance pay applies to employees with 1+ year of continuous service.

Example

Start: 2020-01-01, End: 2025-01-01 Average monthly salary (last 3 months): ₩3,000,000 Bonus / Leave allowance: None - Days employed: 1,827 days (approx. 5 years) - Average daily wage: approx. ₩98,901 - Severance pay: approx. ₩14,851,233

FAQ

When can I receive severance pay?
Employees who have worked continuously for 1+ year are entitled to severance pay upon resignation. Employers must pay within 14 days of the last working day.
What is included in the average wage?
Base pay, regular bonuses, and annual leave allowances are included. Expense reimbursements (transportation, business trips) are excluded.
Is severance pay taxed?
Yes, retirement income tax applies. However, deductions based on years of service reduce the effective tax rate significantly.